Homework Answers
Accounts receivable has a debit balance. Debit should be $5,400 but it is incorrect recorded as $4,500.
Reduce on debit side:
= $5,400 - $4,500
= $900
The trial balance will be out of balance by $900
Yes, by $900
Option B.
Add Answer to:
When listing the assets in the trial balance, the balance for Accounts Receivable was transposed. The...
Monet Design's trial balance contains the following balances: Revenue $725 Cash $424 Accounts Payable $283 Accounts...
Monet Design's trial balance contains the following balances: Revenue $725 Cash $424 Accounts Payable $283 Accounts Receivable $377 Expenses $207 What is the amount of total debits for this trial balance? O A. $1,291 OB. $1,526 OC. $1,008 OD. $490
Fischer, Inc.'s trial balance contains the following balances: Revenue $632 Cash $371 Accounts Receivable $429 Accounts...
Fischer, Inc.'s trial balance contains the following balances: Revenue $632 Cash $371 Accounts Receivable $429 Accounts Payable $268 Expenses $100 What is the amount of total debits for this trial balance? O A. $732 OB. $1,800 O C. $900 O D. $800
Given the following list of accounts with normal balances, what are the trial balance totals of...
Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits? $1,100 800 2,000 Cash Accounts Receivable Capital Accounts Payable Service Fees Earned Rent Expense 900 1,000 2,000 | OA) $4,800 debit, $4,800 credit OB) $1,900 debit, $1,900 credit OC) $1,100 debit, $1,100 credit OD) $3,900 debit, $3,900 credit
Which of the following statements is true of a trial balance? O A. A trial balance...
Which of the following statements is true of a trial balance? O A. A trial balance has the same format as a balance sheet. OB. A trial balance is prepared after the balance sheet. OC. A trial balance presents data in debit and credit format. OD. A trial balance shows the total amounts of assets and liabilities, but not equity. Durable Plastics Company had the following total assets, liabilities, and equity as of December 31. Total Assets Total Liabilities Total...
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $43,578...
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $43,578 in the accounts of a sole proprietorship. Or this amount, $1,536 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $80s. The amount debited to Accounts Receivable for the new partnership is Oa $42,042 Ob $41,237 Oc. $42.773 Od: $43,578 Jefferson has a capital balance of $65,000 and devotes full time to a...
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $27,831...
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $27,831 in the accounts of a sole proprietorship of this amount, $1,550 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $777. The amount debited to Accounts Receivable for the new partnership is Oa. $26,281 Ob. $25,504 Oc. $27,054 Od. $27,831
The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial...
The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial balance. Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Common Stock Notes Payable $10,000 5,000 4,000 16,500 11,000 11,000 7,500 What amount should be shown for Common Stock on the trial balance? Which of the following statements is true of a trial balance? O A. A trial balance has the same format as a balance sheet. OB. A trial balance is prepared after the...
When is a trial balance usually prepared? O A. before the financial statements are prepared OB....
When is a trial balance usually prepared? O A. before the financial statements are prepared OB. at the beginning of an accounting period OC. after the financial statements are prepared OD. after each entry is journalized The following transactions have been journalized and posted to the proper accounts. March is the first month of business operations. Mar. 1 The business received $7,000 cash and issued common stock to stockholders. Mar. 2 Paid the first month's rent of $600. Mar. 3...
The following is a complete listing of all account balances on the trial balance of Todd...
The following is a complete listing of all account balances on the trial balance of Todd Company at the end of the period: Account Accounts Payable Cash Common Stock Equipment Land Notes Payable Balance $32,400 50,700 39,000 18,000 49,500 64,500 Todd's trial balance is not in balance and the company's accountant has determined that the error is in the cash account. What is the correct balance in the cash account? Multiple Choice O $3,900 $74,100, $36,000 O $68,400
The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December...
The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 5,997 Accounts Receivable 2,292 771 15,829 2,700 1,559 5,170 1,000 11,350 Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 822 8,552 2,987 842 445 235 111 30,331 30,331 Determine the total assets. Oa. $30,331 Ob. $24,889 Oc. $22,189 Od. $12,350
Monet Design's trial balance contains the following balances: Revenue $725 Cash $424 Accounts Payable $283 Accounts Receivable $377 Expenses $207 What is the amount of total debits for this trial balance? O A. $1,291 OB. $1,526 OC. $1,008 OD. $490
Fischer, Inc.'s trial balance contains the following balances: Revenue $632 Cash $371 Accounts Receivable $429 Accounts Payable $268 Expenses $100 What is the amount of total debits for this trial balance? O A. $732 OB. $1,800 O C. $900 O D. $800
Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits? $1,100 800 2,000 Cash Accounts Receivable Capital Accounts Payable Service Fees Earned Rent Expense 900 1,000 2,000 | OA) $4,800 debit, $4,800 credit OB) $1,900 debit, $1,900 credit OC) $1,100 debit, $1,100 credit OD) $3,900 debit, $3,900 credit
Which of the following statements is true of a trial balance? O A. A trial balance has the same format as a balance sheet. OB. A trial balance is prepared after the balance sheet. OC. A trial balance presents data in debit and credit format. OD. A trial balance shows the total amounts of assets and liabilities, but not equity. Durable Plastics Company had the following total assets, liabilities, and equity as of December 31. Total Assets Total Liabilities Total...
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $43,578 in the accounts of a sole proprietorship. Or this amount, $1,536 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $80s. The amount debited to Accounts Receivable for the new partnership is Oa $42,042 Ob $41,237 Oc. $42.773 Od: $43,578 Jefferson has a capital balance of $65,000 and devotes full time to a...
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $27,831 in the accounts of a sole proprietorship of this amount, $1,550 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $777. The amount debited to Accounts Receivable for the new partnership is Oa. $26,281 Ob. $25,504 Oc. $27,054 Od. $27,831
The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial balance. Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Common Stock Notes Payable $10,000 5,000 4,000 16,500 11,000 11,000 7,500 What amount should be shown for Common Stock on the trial balance? Which of the following statements is true of a trial balance? O A. A trial balance has the same format as a balance sheet. OB. A trial balance is prepared after the...
When is a trial balance usually prepared? O A. before the financial statements are prepared OB. at the beginning of an accounting period OC. after the financial statements are prepared OD. after each entry is journalized The following transactions have been journalized and posted to the proper accounts. March is the first month of business operations. Mar. 1 The business received $7,000 cash and issued common stock to stockholders. Mar. 2 Paid the first month's rent of $600. Mar. 3...
The following is a complete listing of all account balances on the trial balance of Todd Company at the end of the period: Account Accounts Payable Cash Common Stock Equipment Land Notes Payable Balance $32,400 50,700 39,000 18,000 49,500 64,500 Todd's trial balance is not in balance and the company's accountant has determined that the error is in the cash account. What is the correct balance in the cash account? Multiple Choice O $3,900 $74,100, $36,000 O $68,400
The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 5,997 Accounts Receivable 2,292 771 15,829 2,700 1,559 5,170 1,000 11,350 Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 822 8,552 2,987 842 445 235 111 30,331 30,331 Determine the total assets. Oa. $30,331 Ob. $24,889 Oc. $22,189 Od. $12,350
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